About Pippin Aint Easy

Like the title of this blog suggests, grabbin' pips in the Forex markets is easier said than done. This technical analysis blog will allow you to check out how I see currency price action playing out and chart patterns forming in real-time.

This is the true story of one man, picked to live in front of his computer screen and find ways to make money off the Foreign Exchange. See what happens when markets stop being polite, and start being real!

Dollar breaks out against the Yen

Recapping the Majors

EUR/USD- The Euro has once again rallied to new highs as it peaked pass the 3550 barrier and went as high as 3575. The pair has sinced retraced back down below the 3550 level but has been showing strong momentum in the recent days, making significant gains against the Dollar in 4 of the last 5 trading sessions.

Result: The Euro once again rallied nice against the Dollar as it surged to about 3550 before settling back down.

GBP/USD- The Sterling is on a nice momentum shift at the moment as it once again rallied higher against the Dollar and briefly spiked above 9900. Earlier in the day the pair reached as high as 9939 but has sinced settled back down just below 9900. The pair has rallied over 300 pips since April 9th and is now at a very strong psychological resistance at the 9900 area.

Result: The Sterling marked its 5th straight day of gains against the Dollar as it once again rallied higher today, reaching the 9900 level.

USD/CHF- After a very volatile day last Friday, the Swissy has reverted back to its minimal movements as it moved in a tight range between 2113-2127. The pair dropped to as low as 2067 on Friday but has since rallied back above the 2100 mark and is currently holding steady at just under 2150.

Result: After some volatile movement on Friday, the pair has pretty much stayed around the 2150 mark with no significant movements.

USD/JPY- On Friday, the Yen looked like it was poised for another strong rally against the Dollar but late in the day, the Dollar picked up steam and surged back above 119.00 where it had been hanging around for the past 5 days. Today, the Dollar momentum continued as it rallied even higher and got as high as 119.85 before settling back down to 119.70.

Result: The Dollar staged a late surge on Friday and continued its run today as it soared higher against the Yen. The Dollar looks poised to reach 120.00.

Chart Analysis: What’s going to happen next?

EUR/USD

Well it turns out that the Euro did have some juice left in it and it actually surged past 3500 and got as high as 3575. Now both the 4hr and daily stochastics are showing signs of some bearish moves as the 4hr stochastics are trending down and the daily stochastics have crossed down and are in overbought territory. Currently the pair is trading at 3525 and I would expect it to head back down to 3500 and maybe even as far as its 50 EMA which is currently around 3450.

GBP/USD

The Sterling continues to surprise me. I had a feeling it would go up like I said on my last post but it continues to move much higher than I anticipate. The pair actually peeked above the 9900 level which is a very strong psychological resistance. 4hr stochastics are trending down and daily stochastics have crossed down and are in overbought territory. The late price action today where the Sterling fell back down to 9900 also gives me reason to believe that we’ll see some bearish movement tomorrow. I expect the pair to fall to around 9800 sometime in the near future.

USD/CHF

The Swissy did end up dropping below 2100 like I thought but I never expected for it to rally back so hard. The pair is now at around 2150 and it looks like it will continue to run up in the short term as the 4hr stochastics are still trending up. On the 4hr chart the 3 moving averages have once again tangled up together and should provide a pretty good resistance area so I would expect the pair to fall from there since the daily stochastics are still continuing to trend down. Look for the pair to rise to around 2170 and then we should see it fall back down after that.

USD/JPY

After ranging for a few days the pair looked like it was actually going to do something on Friday as it dropped like a rock below 119.00. However through all the volatility, the pair ended up closing right back in between the 119.00-119.50 range. Today the pair has surged even higher and now looks poised to reach 120.00. Both 4hr and daily stochastics are in overbought territory which technically means that the pair should meet some resistance at the 120.00 level. However, the pair is known to rally hard so I would be very careful at that level.